Forex Price Action - Page 659
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  1. #6581
    I'm also looking at silver and gold. Hopefully there will be a significant PA to go long from the support line.

    EJ

    Quote Originally Posted by dudest View Post
    Gold and Silver in retrace, watching out for longs:

    Attachment 39623


    Attachment 39624

  2. #6582
    Quote Originally Posted by Paddymctaff View Post
    Sorry to say dude but I don't love it, there is very strong downward momentum prior to the pin, (although it does ease up a few bars before it to be fair), but more importantly I would prefer a much more bullish close to the pin and for it to be a bit bigger. The downward momentum and large bars aren't a deal breake,r but generally we want to see a big, obvious and perfectly formed pin to feel comfortable that it will reverse that momentum.

    It is off a great level and with trend which are both positives, but for me it is a B+ trade

    Fair play to you for posting and pushing for feedback even once it has gone in the right direction!

    Something that helps me is to think if I was laying say $1000 of my own money on a signal, would I trade it?
    Thanks Paddy

    learn learn and learn
    EJ

  3. #6583
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    Anyone else fancying the huge GBPCAD D1 counter-trend BUEB?

    Name:  20130124_gbpcad_d1_bueb.jpg
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  4. #6584
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    Quote Originally Posted by dudest View Post
    Anyone else fancying the huge GBPCAD D1 counter-trend BUEB?

    Name:  20130124_gbpcad_d1_bueb.jpg
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    Thats tradeable?

  5. #6585
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    My three scenarios (what I'm looking out for) for GBPAUD D1:

    Short-term:

    Name:  20130124_gbpaud_d1_retrace_watching_shorts.jpg
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    Name:  20130124_gbpaud_d1_retrace_watching_longs.jpg
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    Longer-term:

    Name:  20130124_gbpaud_d1_retrace_watching_shorts_2.jpg
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    Cheers!
    Last edited by dudest; 01-24-2013 at 05:29 AM.

  6. #6586
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    EURGBP D1 at a key level, 0.8400 RN.

    Hoping for a retrace and long PA at level below in order to get in with strong uptrend

    Cheers!

    Name:  20130124_eurgbp_d1_retrace_watching_longs.jpg
Views: 2222
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  7. #6587
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    Quote Originally Posted by dudest View Post
    EURGBP D1 at a key level, 0.8400 RN.

    Hoping for a retrace and long PA at level below in order to get in with strong uptrend

    Cheers!

    Name:  20130124_eurgbp_d1_retrace_watching_longs.jpg
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    Oh, I didn't know we can play just based on just RN and VBRN. I thought it had to show s/r also.

    Like the eur/jpy, was trading up to the 119, however on daily doesn't show it as strong resistance, and I would think 120 is the better target. On 4h the 119 seems like nice resistance though. At my current time it does seem like its rejecting it.

  8. #6588
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    Quote Originally Posted by EJ 2301 View Post
    Could you please explain a bit about "higher high" "higher low" "lower low" "lower high" ????
    I'm still confused about that terms.

    thanks
    EJ
    Hallo EJ,

    The terms are in reference to the swings (turning points) as price is moving either up or down

    An uptrend is basically price making progressively higher highs and higher lows.

    A downtrend is price making progressively lower highs and lower lows.

    Hope the charts below show it clearly

    Cheers!

    Name:  20130124_gbpaud_downtrend_explanation.jpg
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    Name:  20130124_usdjpy_uptrend_explanation.jpg
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  9. #6589
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    Quote Originally Posted by wigglez View Post
    Oh, I didn't know we can play just based on just RN and VBRN. I thought it had to show s/r also.

    Like the eur/jpy, was trading up to the 119, however on daily doesn't show it as strong resistance, and I would think 120 is the better target. On 4h the 119 seems like nice resistance though. At my current time it does seem like its rejecting it.
    That level is a support level. Not major but enough for such a stong trend. Notice the way price rejects and moves lower before gaining momentum and moving through. With such a strong trend would not then surpise for price to move back down and reject again only this time acting as support.

    EURGBP DAILY CHART
    Name:  EURGBP Support Level - Forex School Online.jpg
Views: 2245
Size:  32.1 KB

    Johnathon

  10. #6590
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    Jan 2012
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    Quote Originally Posted by EJ 2301 View Post
    update, this trade give me some pips now.
    But as Johnaton told us that either a bad PB can also become a successful trade, so I still want to know whether this is a good setup or not. Please give any comments about this.

    thanks
    EJ

    Attachment 39617
    Hallo EJ,

    IMO, the area was great, but the pin was small ( unconvincing )

    Larger than normal upper wick also showed some bearish rejection

    In other news: are you still in the trade? how are u managing it?

    Cheers!

    Name:  20130124_usdjpy_pinbar_explanation.jpg
Views: 2220
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